California Insurance Code

§ 12640.091

INS § 12640.091Div. 2 · Part 6 · Ch. 2A · Art. 4

Statute text

(a)In order to qualify as a segregated trust under subdivision (d) of Section 12640.09, a trust shall meet all of the following requirements:

(1)Be established by an insurer or reinsurer for the benefit of the ceding mortgage guaranty insurer.

(2)Have the trust assets located in the mortgage guaranty insurer’s state of domicile, in the State of California, or in another jurisdiction which is approved by the commissioner.

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Legislative history

Added by Stats. 1990, Ch. 772, Sec. 3.